SPY vs VNQ — 20-Year Performance Comparison
S&P 500 vs Real Estate (REIT) — backtested 2005–2024
SPY wins$70,709 vs $37,027 on $10,000 over 20 years
SPYS&P 500
Final value$70,709
CAGR+10.3%
Max drawdown-37.0%
Best year+32% (2013)
Years won11 of 20
VNQReal Estate (REIT)
Final value$37,027
CAGR+6.8%
Max drawdown-47.3%
Best year+41% (2021)
Years won9 of 20
Growth of $10,000
2005–2024SPYVNQ
SPY$70,709
VNQ$37,027
50/50 mix$53,216
50/50 blend: $53,216 (+8.7%/yr CAGR)
Splitting equally between SPY and VNQ would have landed between the two — slightly lower CAGR than SPY but less volatility. Try a custom split →
Year-by-year: SPY vs VNQ
| Year | SPY | VNQ | Winner |
|---|---|---|---|
| 2024 | +23.3% | +4.8% | SPY |
| 2023 | +26.3% | +11.8% | SPY |
| 2022 | -18.2% | -26.2% | SPY |
| 2021 | +28.7% | +40.5% | VNQ |
| 2020 | +18.4% | -4.7% | SPY |
| 2019 | +31.5% | +28.9% | SPY |
| 2018 | -4.4% | -6.0% | SPY |
| 2017 | +21.8% | +4.9% | SPY |
| 2016 | +12.0% | +8.6% | SPY |
| 2015 | +1.4% | +2.4% | VNQ |
| 2014 | +13.7% | +30.4% | VNQ |
| 2013 | +32.4% | +2.3% | SPY |
| 2012 | +16.0% | +17.6% | VNQ |
| 2011 | +2.1% | +8.6% | VNQ |
| 2010 | +15.1% | +28.4% | VNQ |
| 2009 | +26.5% | +30.1% | VNQ |
| 2008 | -37.0% | -37.0% | VNQ |
| 2007 | +5.5% | -16.3% | SPY |
| 2006 | +15.8% | +35.2% | VNQ |
| 2005 | +4.9% | +11.6% | VNQ |
More comparisons
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